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Clarence Wong, chief economist of Asia Pacific at Swiss Reinsurance Co. Ltd., said that the Asian insurance industry is expected to record robust growth in 2016-17, with emerging Asia likely to grow at an average rate of around 13%, Asia Insurance Review reported.
Mr. Wong said that Hong Kong's insurance market is likely to enter into a "cyclical downturn." The outlook for Chinese insurance sector remains "favorable" and the sector is expected to record annual premium growth rates of around 20% over the coming two years, said Mr. Wong.